In the third quarter, Massachusetts Realtors surveyed believe that home owners in thier state have sharply increased their home price expectations with 47% of Bay State home owners thinking that their homes should be prices 10-20% higher than their Realtors’ recommended listing price. This is up from 31% in the second quarter Massachusetts home prices survey. (see question 2)

Home buyers disagree! Just 6% of home buyers think homes are fairly priced in Massachusetts vs 31% who thought so in the second quarter. Indeed 65% of home buyers now believe that Massachusettes homes are over priced by 10-20% vs just 35% who thought so in the second quarter. (see question 3)

In spite of this seemingly contradictory data, 76% of Massachussetts Realtors believe home prices will rise or stay the same over the next six months vs 66% who thought the same in the second quarter. (see question 6)

Massachussetts Realtors surveyed continue to support President Obama with an approval rating of 59% (vs a 42% national average among Realtors surveyed). In the second quarter Obama’s approval rating among Massachusetts Realtors stood at 65% (vs. 58% nationally)

Set forth below is the first, second and third quarter Massachusetts home prices survey results with the national data in parenthesis:

1. On average, in the last year do you think your homeowner clients home values have:

Q3MA/Q2MA/Q1MA(Q3NA/Q2NA/Q1NA)

Decreased:82%/88%/100%(81%/84%/90%)

Increased:6%/0%/0%(6%/3%/2%)

Stay the same:12%/12%/0%(13%/12%/8%)

2. On average, what do your homeowner clients believe that their home is worth?

Q3MA/Q2MA/Q1MA(Q3NA/Q2NA/Q1NA)

10-20% higher:47%/31%/29%(38%/35%/45%)

10-20% less:6%/8%/7%(5%/8%/10%)

1-9% higher:18%/35%/*(25%/24%/*)

1-9% less:12%/12%/*(7%/9%/*)

21-30% higher:5%/8%/21%(8%/8%/14%)

21-30% less:0%/0%/*(2%/3%/*)

At listing price you recommend:12%/4%/0%(11%/10%/14%)

More than 30% higher:0%/4%/14%(3%/2%/4%)

More than 30% less:0%/0%/*(1%/2%/1%)

3. How do your home buyer clients feel that homes for sale are priced?

Q3MA/Q2MA/Q1MA(Q3NA/Q2NA/Q1NA)

Fairly priced:6%/31%/36%(20%/19%/18%)

Overpriced by 10-20%:65%/35%/29%(30%/30%/32%)

Overpriced by 21%+:6%/4%/7%(4%/4%/10%)

Overpriced by less than 10%:23%/31%/21%(30%/29%/21%)

Underpriced by 10-20%:0%/0%/7%(8%/8%/14%)

Underpriced by 21-30%:0%/0%/0% (2%/1%/2%)

Underpriced by 31%+: 0%/0%/0%(1%/1%/2%)

Underpriced by less than 10%: 0%/0%/0%(5%/5%/5%)

4. What is the average difference in price between what sellers believe their home to be worth and the amount at which you eventually list the house?

Q3MA/Q2MA(Q3NA/Q2NA)

Greater than 11-20%:6%/15%(5%/7%)

Greater than 21%:12%/4%(3%/3%)

Greater than 5-10%:6%/12%(9%/10%)

Less than 11-20%:29%/27%(24%/23%)

Less than 21-30%:6%/4%(4%/5%)

Less than 5-10%:35%/31%(43%/43%)

Little or no difference in price:6%/8%(12%/8%)

5. What is the average difference in price between what the home is listed at and what the home sells for?

Q3MA/Q2MA(Q3NA/Q2NA)

Greater than 11-20%:12%/4%(4%/4%)

Greater than 21%:4%(2%/2%)

Greater than 5-10%:4%(5%/5%)

Less than 11-20%:12%/19%(24%/27%)

Less than 21-30%:6%/4%(3%/4%)

Less than 5-10%:64%/62%(54%/53%)

Little or no difference in price:6%/4%(8%/5%)

6. In the next six months, do you think the values of homes in your market will:

Q3MA/Q2MA/Q1MA(Q3NA/Q2NA/Q1NA)

Decrease:24%/35%/71%(31%/29%/53%)

Increase:35%/8%/0%(23%/22%/11%)

Stay the same:41%/58%/29%(46%/49%/36%)

7. What percent of homes in your area are foreclosures?

Q3MA/Q2MA/Q1MA(Q3NA/Q2NA/Q1NA)

Less than 10%:47%/42%/36%(36%/26%/37%)

10%-20%:35%/42%/21%(27%/15%/26%)

21%-30%:6%/4%/21%(17%/12%/16%)

31%-50%:12%/4%/21%(13%/7%/15%)

51%-75%:0%/4%/0%(5%/3%/5%)

75%:0%/4%/0%(2%/3%/2%)

8. What is the average home price in your area?

Q3MA/Q2MA/Q1MA(Q3NA/Q2NA/Q1NA)

$151K-$300K:53%/50%/64%(52%/56%/59%)

$301K-$500K:41%/19%/21%(21%/20%/21%)

$501K-$800K:6%/19%/0%(7%/5%/6%)

$801K+:0%/4%/0%(2%/3%/2%)

Less than $150K:0%/8%/0%(18%/16%/11%)

9. How do you think Barack Obama is performing in his role as President?

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